BOOKS - The Ascent of Market Efficiency: Finance That Cannot Be Proven
The Ascent of Market Efficiency: Finance That Cannot Be Proven - Simone Polillo August 15, 2020 PDF  BOOKS
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The Ascent of Market Efficiency: Finance That Cannot Be Proven
Author: Simone Polillo
Year: August 15, 2020
Format: PDF
File size: PDF 5.9 MB
Language: English



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The Ascent of Market Efficiency: A Journey Through the Unpredictability of Financial Markets In this captivating book, Simone Polillo delves into the history of the efficient market hypothesis (EMH), one of the most influential theories in financial economics, and explores how it became the foundation of the field despite a lack of empirical evidence supporting its claims. The EMH states that financial markets are unpredictable, and a blindfolded monkey throwing darts at a newspaper would perform just as well as experts in selecting a portfolio of securities. But how did this theory gain such traction in the field of finance? And why do academics continue to cling to it despite the absence of systematic patterns in market behavior? To answer these questions, Polillo examines collaborative academic networks and the values and affects that keep them together as they shape the field of financial economics. He introduces a new dimension to data analysis, revealing patterns in the production of knowledge that shed light on the advancement of science and the nature of human understanding. The Ascent of Market Efficiency provides a general framework that can be applied across social and human sciences, offering a fresh perspective on the evolution of technology and the survival of humanity.
Восхождение рыночной эффективности: путешествие через непредсказуемость финансовых рынков В этой увлекательной книге Симона Полилло углубляется в историю гипотезы эффективного рынка (EMH), одной из самых влиятельных теорий в финансовой экономике, и исследует, как она стала основой области, несмотря на отсутствие эмпирических доказательств, подтверждающих ее утверждения. EMH заявляет, что финансовые рынки непредсказуемы, и обезьяна с завязанными глазами, бросающая дротики в газету, будет работать не хуже экспертов при выборе портфеля ценных бумаг. Но как эта теория набрала такую тягу в сфере финансов? И почему академики продолжают цепляться за нее, несмотря на отсутствие систематических закономерностей в поведении на рынке? Чтобы ответить на эти вопросы, Полилло изучает совместные академические сети и ценности и воздействия, которые поддерживают их вместе, формируя область финансовой экономики. Он вводит новое измерение в анализ данных, выявляя закономерности в производстве знаний, которые проливают свет на продвижение науки и природу человеческого понимания. «Восхождение рыночной эффективности» обеспечивает общую основу, которая может применяться в социальных и гуманитарных науках, предлагая свежий взгляд на эволюцию технологий и выживание человечества.
L'efficacité du marché : un voyage à travers l'imprévisibilité des marchés financiers Dans ce livre fascinant, mon Polillo s'attarde sur l'histoire de l'hypothèse d'un marché efficace (EMH), l'une des théories les plus influentes de l'économie financière, et explore comment elle est devenue la base du domaine, malgré l'absence de preuves empiriques à l'appui de ses affirmations. L'EMH affirme que les marchés financiers sont imprévisibles et que le singe aux yeux bandés qui jette des fléchettes dans le journal travaillera autant que les experts dans le choix d'un portefeuille de titres. Mais comment cette théorie a-t-elle gagné cette envie dans le domaine de la finance ? Et pourquoi les universitaires continuent-ils à s'y accrocher malgré l'absence de schémas systématiques de comportement sur le marché ? Pour répondre à ces questions, Polillo étudie les réseaux universitaires collaboratifs et les valeurs et les impacts qui les soutiennent ensemble en formant le domaine de l'économie financière. Il introduit une nouvelle dimension dans l'analyse des données, en identifiant des schémas dans la production de connaissances qui éclairent l'avancement de la science et la nature de la compréhension humaine. « L'ascension de l'efficacité du marché » fournit un cadre commun qui peut être appliqué dans les sciences sociales et humaines, offrant une nouvelle vision de l'évolution de la technologie et de la survie de l'humanité.
ascenso de la eficiencia del mercado: un viaje por la imprevisibilidad de los mercados financieros En este fascinante libro, mon Polillo profundiza en la historia de la hipótesis del mercado eficiente (EMH), una de las teorías más influyentes de la economía financiera, y explora cómo se convirtió en la base del campo, a pesar de la falta de evidencia empírica que sustente sus afirmaciones. La EMH afirma que los mercados financieros son impredecibles y un mono con los ojos vendados lanzando dardos al periódico no funcionará peor que los expertos a la hora de elegir una cartera de valores. Pero, cómo esta teoría ha ganado tal impulso en el campo de las finanzas? Y por qué los académicos siguen aferrándose a ella a pesar de la falta de patrones sistemáticos en el comportamiento del mercado? Para responder a estas preguntas, Polillo estudia redes académicas colaborativas y los valores e impactos que las sustentan juntas, formando el área de economía financiera. Introduce una nueva dimensión en el análisis de datos, identificando patrones en la producción de conocimiento que arrojan luz sobre el avance de la ciencia y la naturaleza de la comprensión humana. «ascenso de la eficiencia del mercado» proporciona un marco común que puede aplicarse en las ciencias sociales y humanas, ofreciendo una visión fresca de la evolución de la tecnología y la supervivencia de la humanidad.
Ascensão da eficiência de mercado: viagem através da imprevisibilidade dos mercados financeiros Neste fascinante livro, mone Polillo se aprofunda na história da hipótese de um mercado eficiente (EMH), uma das teorias mais poderosas da economia financeira, e explora como ele se tornou a base da área, apesar de não haver provas empíricas que sustentem suas alegações. A EMH diz que os mercados financeiros são imprevisíveis, e o macaco de olhos vendados que atira os dardos para o jornal funcionará tanto quanto especialistas na escolha da carteira de títulos. Mas como é que essa teoria ganhou tanta força no setor financeiro? E porque é que os acadêmicos continuam a agarrá-la, apesar de não haver padrões sistemáticos de comportamento no mercado? Para responder a estas questões, Polillo estuda as redes acadêmicas conjuntas e os valores e os efeitos que os mantêm juntos, formando uma área de economia financeira. Ele introduz uma nova dimensão na análise de dados, revelando padrões na produção de conhecimento que esclarecem o avanço da ciência e a natureza da compreensão humana. A ascensão da eficiência do mercado fornece uma base comum que pode ser aplicada nas ciências sociais e humanas, oferecendo uma visão recente da evolução da tecnologia e da sobrevivência humana.
L'ascesa dell'efficienza di mercato: un viaggio attraverso l'imprevedibilità dei mercati finanziari In questo affascinante libro, mone Polillo approfondisce la storia dell'ipotesi di un mercato efficiente (EMH), una delle teorie più influenti nell'economia finanziaria, e indaga come essa sia diventata la base dell'area, nonostante non ci siano prove esperienziali che supportino le sue affermazioni. L'EMH sostiene che i mercati finanziari sono imprevedibili e che la scimmia con gli occhi bendati che lancia i dardi al giornale funzionerà quanto gli esperti nella scelta del portafoglio titoli. Ma come ha fatto questa teoria ad avere questo slancio nella finanza? E perché gli accademici continuano ad aggrapparsi a lei nonostante non ci siano schemi sistematici di comportamento sul mercato? Per rispondere a queste domande, Polillo studia le reti accademiche congiunte e i valori e gli impatti che li sostengono insieme, formando il campo dell'economia finanziaria. Introduce una nuova dimensione nell'analisi dei dati, identificando gli schemi nella produzione di conoscenze che mettono in luce la promozione della scienza e la natura della comprensione umana. L'ascesa dell'efficienza di mercato fornisce una base comune che può essere applicata alle scienze sociali e umane, offrendo una visione fresca dell'evoluzione tecnologica e della sopravvivenza dell'umanità.
Der Aufstieg der Markteffizienz: Eine Reise durch die Unvorhersehbarkeit der Finanzmärkte In diesem faszinierenden Buch geht mone Polillo tiefer in die Geschichte der effizienten Markthypothese (EMH), einer der einflussreichsten Theorien der Finanzwirtschaft, ein und untersucht, wie sie trotz des Mangels an empirischen Beweisen, die ihre Behauptungen stützen, zur Grundlage des Feldes wurde. EMH sagt, dass die Finanzmärkte unvorhersehbar sind und ein Affe mit verbundenen Augen, der Darts auf eine Zeitung wirft, bei der Auswahl eines Wertpapierportfolios genauso gut abschneiden wird wie Experten. Aber wie hat diese Theorie einen solchen Schub im Finanzbereich gewonnen? Und warum klammern sich Akademiker trotz fehlender systematischer Muster im Marktverhalten immer wieder daran? Um diese Fragen zu beantworten, untersucht Polillo die gemeinsamen akademischen Netzwerke und die Werte und Auswirkungen, die sie zusammenhalten, indem sie den Bereich der Finanzwirtschaft prägen. Es führt eine neue Dimension in die Datenanalyse ein und identifiziert Muster in der Wissensproduktion, die den Fortschritt der Wissenschaft und die Natur des menschlichen Verständnisses beleuchten. Der Aufstieg der Markteffizienz bietet einen gemeinsamen Rahmen, der in den Sozial- und Geisteswissenschaften angewendet werden kann und einen neuen Blick auf die Entwicklung der Technologie und das Überleben der Menschheit bietet.
Ascent of Market Expective: A Journey Through the Unpredictability of Financial Markets ספר מרתק זה מאת סיימון פוליו מתעמק בהיסטוריה של השערת השוק היעילה (EMH), אחת התאוריות המשפיעות ביותר בכלכלה פיננסית, וחוקר לתמוך בטענותיה. EMH אומר ששווקים פיננסיים הם בלתי צפויים וקוף מכוסה עיניים שזורק חיצים על עיתון יבצע כמו גם מומחים בבחירת תיק ניירות ערך. אבל איך התאוריה הזאת השיגה כזה כוח משיכה בכספים? ומדוע אנשי אקדמיה ממשיכים להיאחז בו, למרות היעדר דפוסים שיטתיים בהתנהגות השוק? כדי לענות על שאלות אלה, פוליו לומד רשתות אקדמיות שיתופיות ואת הערכים וההשפעות שמקיימות אותם יחד, ומעצבות את תחום הכלכלה הפיננסית. הוא מציג מימד חדש לניתוח נתונים, זיהוי דפוסים בייצור ידע ששופכים אור על התקדמות המדע ועל טבעה של ההבנה האנושית. ”עליית יעילות השוק” מספקת מסגרת משותפת שניתן ליישם במדעי החברה ובמדעי הרוח, המציעה נקודת מבט חדשה על התפתחות הטכנולוגיה והישרדות האנושות.''
Piyasa Verimliliğinin Yükselişi: Finansal Piyasaların Öngörülemezliği Üzerine Bir Yolculuk mon Polillo'nun bu büyüleyici kitabı, finansal ekonomideki en etkili teorilerden biri olan verimli piyasa hipotezinin (EMH) tarihini inceliyor ve iddialarını destekleyecek ampirik kanıt olmamasına rağmen alanın omurgası haline nasıl geldiğini araştırıyor. EMH, finansal piyasaların tahmin edilemez olduğunu ve bir gazeteye dart atan gözü kapalı bir maymunun, bir menkul kıymet portföyü seçerken uzmanların yanı sıra performans göstereceğini söylüyor. Fakat bu teori finansta nasıl bu kadar ilgi gördü? Ve neden akademisyenler, piyasa davranışındaki sistematik kalıpların eksikliğine rağmen, buna tutunmaya devam ediyorlar? Bu soruları cevaplamak için Polillo, işbirlikçi akademik ağları ve bunları bir arada tutan değerleri ve etkileri inceleyerek finansal ekonomi alanını şekillendirir. Veri analizine yeni bir boyut getirerek, bilimin ilerlemesine ve insan anlayışının doğasına ışık tutan bilgi üretimindeki kalıpları tanımlar. "Piyasa verimliliğinin yükselişi", sosyal bilimlerde ve beşeri bilimlerde uygulanabilecek ortak bir çerçeve sunarak, teknolojinin evrimi ve insanlığın hayatta kalması konusunda yeni bir bakış açısı sunuyor.
صعود كفاءة السوق: رحلة عبر عدم القدرة على التنبؤ بالأسواق المالية يتعمق هذا الكتاب الرائع لسيمون بوليلو في تاريخ فرضية السوق الفعالة (EMH)، وهي واحدة من أكثر النظريات تأثيرًا في الاقتصاد المالي، ويستكشف كيف أصبح العمود الفقري لهذا المجال على الرغم من عدم وجود أدلة تجريبية لدعم ادعاءاتها. تقول EMH إن الأسواق المالية لا يمكن التنبؤ بها وأن القرد المعصوب العينين الذي يرمي السهام على إحدى الصحف سيؤدي أداءً وكذلك الخبراء عند اختيار محفظة من الأوراق المالية. ولكن كيف اكتسبت هذه النظرية مثل هذا الزخم في التمويل ؟ ولماذا يستمر الأكاديميون في التمسك به، على الرغم من عدم وجود أنماط منهجية في سلوك السوق ؟ للإجابة على هذه الأسئلة، تدرس Polillo الشبكات الأكاديمية التعاونية والقيم والتأثيرات التي تحافظ عليها معًا، وتشكل مجال الاقتصاد المالي. وهو يقدم بعدا جديدا لتحليل البيانات، وتحديد أنماط إنتاج المعرفة التي تلقي الضوء على تقدم العلم وطبيعة الفهم البشري. يوفر «صعود كفاءة السوق» إطارًا مشتركًا يمكن تطبيقه في العلوم الاجتماعية والإنسانية، مما يوفر منظورًا جديدًا لتطور التكنولوجيا وبقاء البشرية.
시장 효율성의 상승: 금융 시장의 예측 불가능 성을 통한 여정 mon Polillo의이 매혹적인 책은 금융 경제학에서 가장 영향력있는 이론 중 하나 인 효율적인 시장 가설 (EMH) 의 역사를 탐구하고 어떻게 주장을 뒷받침합니다. EMH는 금융 시장은 예측할 수 없으며 신문에서 눈가리개 원숭이가 다트를 던지는 것은 증권 포트폴리오를 선택할 때 전문가뿐만 아니라 수행 할 것이라고 말합니다. 그러나이 이론은 어떻게 금융에서 그러한 견인력을 얻었습니까 그리고 시장 행동에 체계적인 패턴이 없음에도 불구하고 학계는 왜 계속 그것에 집착합니까? 이러한 질문에 답하기 위해 Polillo는 공동 학술 네트워크와이를 유지하는 가치와 영향을 연구하여 금융 경제 분야를 형성합니다. 데이터 분석에 새로운 차원을 도입하여 과학의 발전과 인간 이해의 본질을 밝히는 지식 생산의 패턴을 식별합니다. "시장 효율성의 상승" 은 사회 과학 및 인문학에 적용될 수있는 공통된 프레임 워크를 제공하여 기술의 진화와 인류의 생존에 대한 새로운 관점을 제공합니다.
市場效率的崛起:穿越金融市場不可預測性的旅程在這本引人入勝的書中,西蒙·波利洛(mon Polillo)深入探討了有效市場假設(EMH)的歷史,這是金融經濟學中最有影響力的理論之一,並探討了它如何成為該領域的基礎,盡管沒有經驗證據支持其主張。EMH說,金融市場是不可預測的,蒙住眼睛的猴子向報紙投擲飛鏢,在選擇證券組合時不會比專家差。但這個理論是如何在金融領域獲得如此吸引力的呢?為什麼盡管市場上缺乏系統的行為模式,學者們仍然堅持下去?為了回答這些問題,Polillo研究了協作學術網絡以及共同支持它們的價值觀和影響,從而形成了金融經濟學領域。它為數據分析引入了新的維度,揭示了知識產生中的模式,揭示了科學的發展和人類理解的本質。「市場效率的上升」提供了可用於社會科學和人文科學的共同框架,為技術的演變和人類的生存提供了新的視角。

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